Business Post Contributor
By Sodeinde Temidayo David
The management of Heirs Life Assurance Limited says it intends to remain a dominant force in the annuity business in Nigeria by making it attractive to the retail sector.
Speaking at a media parley held recently in Lagos, the Managing Director of Heirs Insurance Life, Mr Niyi Onifade, stated that the company has a lot to offer its customers, including affordable annuity plans.
According to him, the organisation recently received approval from the Lagos State Government to take care of the annuity business for the state, noting that this was a result of the confidence the state government has in the company.
Mr Onifade stated that the underwriter has introduced Heirs annuity plan, which is aimed at retirees who want pension for life.
He further expressed that the company is playing big in the subsector, and added that they were ready to do more by bringing simplicity and affordable products to the market.
The annuity contract with Heirs will enable individuals to pay the company a certain amount of money, either in a lump sum or through instalments, which entitles them to receive a series of payments at some future fixed date.
The annuity is set to give customers insured to the program, a retirement income for life, and provide guaranteed returns in a fixed annuity. Also, investors on this scheme can receive protection from market volatility issues.
On her part, the Acting Managing Director of Heirs General Insurance Limited, Ms Adaobi Nwakuche, noted that it has been the vision of the company to ensure customer protection and satisfaction.
“We are a customer-centric company and we want to make sure our customers are first in the business. We treat them like queens and kings, from the point of doing the business and to the point of claims,” she said.
The insurance expert added that Heirs Life Assurance and Heirs General Insurance have simple and affordable products on the market.
Heirs Insurance Limited (HIL), the general insurer, has the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), has the vision to provide financial security and life insurance plans for people.
The companies are supported by top-notch reinsurers to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with a presence across 23 countries worldwide.
